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tv   Worldwide Exchange  CNBC  April 6, 2010 5:00am-6:00am EDT

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because he has to call this election by tend of june. he's going to announce the day today as may 6th. it comes when times are very uncertain. last week, conservatives came out and said, we will try to reduce most of the planned rise in national insurance. they've called that a tax on jobs. as a result, the poll leader has been ahead for labor by 4 points. i think we'll see a lot more of this over the next four weeks as this campaign now really gets under way. you have to remember, it's a much shorter election campaign in the uk than much other countries around the globe. parliament won't actually wrap up its business until the evend of this week. next monday, it will get really involved. this year, of course, the
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leaders will be participating in the first time ever three live televised debates. that will be the leader of the opposition conservative party, david cameron, as well as the current prime minister, gordon brown. the last of those three debates will center around what is going to drive this election campaign, the handling of the economy. gordon brown will say, i'm the man you can trust. i took us through the crisis, i will ensure recovery. >> of course, you say that, ross. but you talk about the polls and our poll, our latest poll, an election poll president out by cnbc in conjunction with a number of business leaders that we've surveyed shows businesses, they back the conservatives. and the question remains, what can labor do to get business on its side especially with a
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banking crisis still not behind us yet. i would think it's too late for them to get business on the side. and our poll is the latest in that. they're saying the very last tax that you should be increasing is not your insurance texas. you've got to pay this national insurance, the employer has to pay it, the employee has to pay it. it's gone down in the budget. it's gone up last year. businesses say that's absolutely the last thing you should do. they also want to government to be getting to grips with the deficit much sooner. the car has just pulled into buckingham palace. i would love to be a fly on the wall. this is the first time gordon brown has done this. tone know blair won three elections on the chop, the first time any labor prime minister won three.
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ed gordon brown will be trying to do what john major did back in 1992 for the conservative party. gordon proun will be trying to do the same. in 1992, that was a shock result. back seat as i say, polls have been tacking about hung parliaments. today they're in the conservatives' favorite. it will swing around a lot in the next few weeks. >> and both parties are flying in obama campaign people to help them try to win the election, as well. ross, thank you very much. we will cross back out to you very soon. i want to run viewers through the european markets and show you what's taking place. we've been trading for approximately two hours here in europe now. the european market is still in positive territory. we are being led higher. coming back with a vejence this morning. energy stocks are trading higher and construction energy on the
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back of the higher oil prices that we've seen over the past couple of sessions, as well. nicole, what where he seeing in the u.s. at the moment? >> it is very early, 5:00 in the morning in the united states. we're expecting markets to open lower across the board, this is after the dow closed at 10,973, the highest level since september of 2008, just after the class clash of lehman and treasuries above 4% for the first time since june, actually. s&p futures are down about 2. and i understand you guys are holding on pretty strong at this hour over in asia. >> yeah. we had a fairly decent day over here in asia why when it comes to the equity markets. pretty much green across the screen except for japan. the dollar is having a rough
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time today -- or the euro, excuse me, having a rough time against the doorl. everyone is concerned about greece. they're talking about launching a multi million dollar bond in the u.s. next month and there's concerns about athens and just what kind of a job thier doing when it comes to getting their deficit under control. there is sterling/dollar, 1.5154 and euro/sterling is trading at the bottom of your screen. louisa. >> thank you so much. with us this morning for the next hour is epin. let's lay out the ground for viewers who may not know you. stocks are going higher. bond yields are being pushed higher at the moment. oil is heading higher. is it sustainable, though? >> i think so. market don't need much of an excuse to lose their appetite at
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the moment. there is a sense that some investors were too slow, perhaps, to take advantage of what '0the had to offer. now we're seeing with commodities rising in a sustainable fashion, i believe, certainly in the first half of the year and equity markets looking stronger, there's a lot to be optimistic about it. >> and even with the greek trouble still there, the sovereign debt default questions, things like that? >> certainly. and that's always going to be an overhang in markets and i think there is a question, is this just the tip of the iceberg in terms of potential sovereign defaults. however, what we can see is the concerted efforts on the part of the european government to resolve this and to make it the storm in the teacup and not allow this to contaminate the surrounding countries, and we're seeing unprecedented governmental intervention. so anything is on the table, actually, to resolve this crisis. overall, i think it's not going
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to be as contaminating as perhaps it might have been. >> efin, if it is a storm in a teacup, is it too late for individual investors to jump into this rally? >> no, absolutely not. there's going to be volatility. we can see that every time. we see that in asia and march was generally a strong month. february, less so. but we will see we see that there is going to be a lot of volatility. so we think investors should pick their entry points and perhaps buy on dips. we feel this is a sustainable and mind free recovery. >> this is lisa in singapore. i hate to be a buzz kill, but
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calling the greek crisis is storm in a teacup, governments have too much get now, is it being too presumptuous to consider germany or the eu can step in and governments at every level, including the united states, have their hands and their balance sheets full at the moment? >> certainly. the greek situation is perhaps the tip of the iceberg. there's perhaps a lot on other sovereign debt issues out there. however, what i think it underscores is there is a momentum there on the part of government to resolve this in a way that has as little contamination as possible. so there's concerns. that rule i think applies to any other that ends up in the same area. there's a lot of ways of hedging this risk. and cds and sovereign is getting protection on sovereigns in that way. investor have gotten means on a way to hedge this.
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so there are ways to get around this. it just underscores for investors the importance of scattering their allocations around globally. thank you so much, efin. we'll be check in with you throughout the hour. u.s. treasury secretary timothy geithner is in india. geithner said cooperation between the two countries is crucial to create stable financial global system. >> our ability to cooperate will be critical bli important to the success of global efforts to create conditions for a more stable global financial system. >> and that was timothy geithner speaking in new delhi. u.s. regulators want to slap
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toyota with a civil penalty, amounting to about $16.4 billion, the biggest fine for an automaker in history. toyota failed to notify quickly about its defective pedals. toyota will not directly address the fines, but says it has taken the steps to improve communication issues. south korea will recall 13,000 vehicles sold in the country because of suspected defaults. all the suspected models have floor mats which could hamper the operation of the pedals. nicole. in the united states, 25 people have been killed in a
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blast in west virginia. four people are still unaccounted for and rescue operations have been halted. the blast happened monday afternoon at the upper branch mine. the cause is unknown, but the mine has a history of violations for not properly ventilating highly combustible gas. massey fell more than 5% in after hours trading. the finance chairman will be watching china's currency practices closely in the next week to decide on what legislation congress should pass on the issue. saturday, treshgry secretary timothy geithner delayed that decision on whether or not to actually delay their call on china, manipulating its currency. but baucus is concerned that that decision basically repeats the same failed approach to u.s.-china economic policy. and a big congratulations to the men's university men's basketball team.
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they held on to beat the butler bulldogs, 61-59 monday night. duke coach mike khechevski led the team. new other than of the new york mets wants to payed 15 million to leave the nets, but coach k says, hey, we're not interested. and still much more to come on "worldwide exchange." find out which stock the magazine "bare jobs" dismissed as potentially dead money and how it's reacting in european trading. if you know which company we're talking about, e-mails us. ♪ as you can see, this isn't your typical midwestern farm. the reason lies six thousand miles away... in japan, where a producer of specialty eggs needed corn for feed... grown to precise standards.
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cargill identified the producer's needs, then introduced an illinois farmer to grow the exact corn needed... and developed a system to ship it separately, connecting the farmer with a japanese customer... who was very appreciative. this is how cargill works with customers.
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on cnbc.com now, britain's prime minister, gordon brown, is widely expected to call a may 6th election today. read his analysis on cnbc.com. in the same vain, a new uk government should make dealing with the budget deficit and cutting spending a main priority. find out more on what business leaders think at cnbc.com. on a completely different note, two financial experts told cnbc the markets are gearing up for a major move one way or another.
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they called for two different scenarios. markets retrace 100% in the near term or we see a major market downdrop if the 10-year treasury yields are down 4%. find out more on krpz.com. welcome back. this is "worldwide exchange." european markets have been trading for some 2 1/2 hours or so. we need to get an update on the markets. anna edward in london, again, markets are continuing higher. we're at some 18-month highs for many of these sectors that we're looking at. the basic resources among them? >> yeah, exactly. the ftse 100 up by 0.7%. we have a number of mining stocks trading to the up side. eurasian natural, admiral group is up by more than 5%. this is a midcap player in the
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insurance base, although obviously ftse 100 listed. petrofac is trading higher. they completed a merger. they're demerging their uk conmental shelf and upstream assets. this, of course, is an oil exploration business. virgin money is in business because the forthcoming sale of rbs branches that the european union has strengthed rbs they must sell to meet with regulations surrounding the government stakes taken in the business wibt looks as if that battle for those assets could halt up. wilbur ross, the billionaire in the u.s. has decided to put money into this. there could be competition, though. now to anecessary ta in frankfurt. >> it is a friendly trading day here in germany, as well. the dax is holding up at the pre-lehman crisis, as well.
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the main gainers are infineon, for example. citigroup has increased its target price to 1640. there is still some room to maneuver here and the infineon stock is up by roughly %. the main stories, though, it's lufthan lufthansa, as there is still a strike looming next week and for sure, daimler. daimler and renault, more and more evidence is accruing that they will have a tie up announced by tomorrow and mutual equities stake in order to produce small cars. for daimler, it would be the smart car. let's have a look at the french sector with stephane. >> renault is one of the top gainers in paris. the french minister confirmed that a board meeting will take place later today to discuss the alliance project with daimler. renault would take a 3% in capital from daimler and 5%. renault would bring its
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expertise in small vehicles while daimler will bring its technology for big engines and would give renault to the luxury car seglity, something that a french carmaker would never managed alone. still in the car sector, we've got michelin, worries that the carmaker won't be able to reflect its into prices. last week, the stock was down 6% on the french market. eads is trading lower after a barons issued a negative report on the stock. the newspaper says that the plane maker could face pressure from delays, lower demand and also the need to protect jobs. it's one of the biggest decliners in paris. now over to saijal in singapore to look at the asian issues of the daimler/renault story.
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saijal. >> the nikkei is reporting that nissan and daimler could take about a 3% stake in each other. pretty small, so it's mostly symbolic, but we want to wait for more information on what it means for partnership. earlier, there were reports that nissan was in talks with daimler to try to pro cure big engines. in the meantime, nissan would provide electric cars to daimler. that's the latest. we'll be waiting for deals on that. nissan closed higher today. australia was the other market that we were looking at and held fairly steady, up 0.9%. after the rba raised interest rates by 25 basis points to had.25%, we saw pretty good stocks on the back of that. also, of course, the big m&a deal, pea body ray easying its offer for court mccoal by 3.7%.
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on that note, back to nicole. >> thank you so much, saijal. "worldwide exchange" has a new mascot. the tortoise rally tort it's. we have some great names, some suggestions that you have shared with us. keep them coming. our guy or gal has not yet been named. if you have a suggestion, you can send them over to us at "worldwide exchange"@cnbc.com. louisa, we have some very, very creative viewers out there. one of my favorites is crawl kintny ya. >> i love how he's running to eat lettuce. still to come, uk prime minister gordon brown is likely to call for a may 6th general election later today. this suggests that the labor party is closing in on the conservative party. what does this uncertainty mean
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for the business community? we will does it discuss it at the moment.
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the countdown in the uk official election starts today.
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gordon brown had a meeting with his cabinet this morning. he's been to buckingham palace, he's there now asking the queen to dissolve parliament, probably, which could come into effect as of monday, ross. >> yeah. parliament would have to finish up its work. all the mps are basically no longer mps at that point. they go back and ask to be re-elected. joining us is george parker. george, essentially four weeks now until that election on may 6th. how much is there for the parties to play for in these four weeks? >> there's everything to play for. this is the most open general election since 1992. there's one poll this morning to suggest that up to one-third of the electricats have not made up their mind. >> what sit going to come down to? the conservatives seem to have done quite well over gordon brown with this idea we're not
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going to allow this increase in nash insurance, which gourddown brown, of course, proposed last year. >> the conservatives had a great deal of sdes in the last week, the labor party acknowledged this, which they portray as a tax on jobs. business hate this as a tax. at this stage, the campaign is a really important thing. >> gordon brown is going to go back to downing street and set out his plans shortly. how much is he going to say it's about trust and with me, you can trust that i won't risk the recovery? >> gordon brown's big trump car is the bay he's handled the big recession. he wants to translate that for the british people saying, i've gotten you through the bad times and you need me to see this recovery through.
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>> what is interesting, although businesses disagree with that this morning, economists are a bit more split. do we care what they think? >> it's a big question gordon brown will try to bring that in next year. the conservative party wants to take about 5 million out of the next year, gordon brown is saying that's too early. the economists are deeply divided, as you would expect. >> george, good to see you. thank you so much for joining us. gordon brown makes his way back. we presume he has the queen's permission to dissolve parliament. he'll be holding a press conference shortly where we expect him to name may 6th as the date for the british election. lisa, back to you.
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>> when we come back, as the dow gets closer to 11,000 , what should you be doing as an ininvestor? we'll have a suggestion about that next.
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welcome to "worldwide exchange." the hlgs making news today out of the united states, the dow is just a stone's throw away from crossing that 11,000 mark for the first time since september '08. >> in europe, the brib prime minister is expected to call an election for may 6th. business leaders overwhelmingly favor the opposition conservative party. >> and over here in asia, u.s. treasury secretary tim geithner says the u.s. and india must must work together on rebalancing global growth. >> great to have you with us here on "worldwide exchange." it is 5:30 in the morning on the east coast of the united states. and we are so close to the 11,000 mark, 10,973 is where the
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dow closed yesterday, the highest level since just after the collapse of lehman. for the first time since last june, treasuries trading over 4%. nasdaq futures down about 5 and s&p 500 futures down about 3 at this hour, lou. >> here is looking at our european markets. they're still in positive territory, still higher by around 0.5%, give or take a bit. we are being pushed ahead by some of the basic resource stocks out there. we're being pushed ahead by energy and construction taking place in these various sectors. you've got a little money coming out of the health care stocks and the telecom stocks, as well. lisa. >> okay. let's get a board up there for the cross rates for the u.s. dollar and see what exactly is happening. we have the green back pulling back from that seven-month high that it hit against the japanese yen, pulling back to the tune of about 0.5% right now. we're at 93.9.
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look at the euro today having a bit of a rough time against the u.s. dollar, down 0.5% at 1.3416 right now. it's all because of grooegs. something the markets thought and investors thought had been dealt with, but now greece is saying, wait a second, we might want to amend this deal that's being discussed. they're talking about offering a bond in the united states in the coming weeks. investors are concerned once again about the stability of this single currency. there's sterling/dollar and euro/sterling at the bottom of your screen. nicole. >> joining us now is jerry spencer for mainstay icap funds. he's a busy guy. still with us, our guest host, efin deafit. we were talking to efin just a second ago about this market rally, on tortoise rally, the whatever you want to call it, we're close to the 11,000 mark.
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do you believe this is time for the individual investor to jump back in? >> we still have a favorable view of the equity market. we're seeing the economy around the globe gain momentum. asia is leading the back, but the united states economy is showing signs of resill yantance. europe is improving. we think profit growth has been good the last couple of quarters and that operating level raej and profit growth is going to be quite strong. as you look out over the next six months, valuations look very good, as well, whether you look at p/e ratios or cash that companies are generating. monetary policy around the global is still generally accommodative. so the factors that we think would influence the market in a favorable way are still in place. >> so, of course, we're hedging, swrarry, against this. we had a forex guest in the last hour talking about treasuries trading above 4% now could be a potential safe haven.
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is it a safe haven or is it a sign of inflation? >> i think the tresh rhode island market, yields have moved higher there as signs of better economic growth have come to the fore and as supply has been quite heavy. so i wouldn't necessarily look at the treasury market as a safe haven. it's very possible that as the economy continues to improve, that ultimately the fed will be raising short-term interest rates and that long yields may indeed move higher. so i wouldn't consider that a safe haven at all. >> i want to get to some of the viewer questions, efin, .especially because you are seeing certain sectors that seemingly are moving ahead like basic resources this morning. mike writes in and says, with basic resources raising substantially, could this be a dress factor in play, creating inflation and curving growth? >> i think not in the short-term. there will be a lag factor
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between when these raw material prices trickle through. so i don't think that's going be a concern for the next 18 months. and it is the next 18 months that are critical in terms of getting employment numbers to rise, getting consumer confidence back and letting that be the engine of growth in the economy going forward. >> commodities, the rising is a sign of increased appetite for investors and it's a good way for investors to have a good, diversified approach is to have some exposure in its purest way for commodity prices. >> jerry, hi. it's lisa in singapore. we get some guests on the show saying u.s. treasuries are now in bubble territory, in fact, one of the biggest bubbles the investor world has ever seen. what's your take on that? >> well, i think if you look at treasury yields at 4%, inflation expectations going out ten years at about 2%, that real rates are not particularly low.
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they're not particularly attractive, either. so i wouldn't necessarily see the troublery market in bubble territory. as i mentioned, it's possibly that yields could move higher, but i don't see the yields that would be indicative of extreme risk. so where are you putting your money to hedge? >> well, we're equity investors and we look at stocks on a bottom up basic. as i mentioned before, we think the outlook is favorable, we have a broad sector exposure. we think you can find pretty good value in the united states, in europe and in asia on a bottom up basis. >> another viewer writes in, gary writes in and essentially is saying that the sovereign debt crisis isn't over, that it's a myth that they've abated,
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that the greek bailout is a series of empty promises rather than address the issues that deficit reductions is a thing that's here to stay, jerry. how worried are you about this? do you take it into kergz when you make your portfolios play? >> it's obviously a macro factor that people have to take into consideration. debt levels are high in the united states, for example, with private individuals and government debt levels are very high. what we think this means is that growth for this particular expansion is going to to be more subdued than you would expect. i think the good news is that people's expectations are very low. they don't look for a very strong recovery and expectations have been improving gradually. so the long-term outlook for the expansion is probably subpar. but we think that the expansion
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will continue and that corporations can do pretty well in terms of profits. >> i don't want to minimize the real sovereign debt crisis there. what we're underscoring is that the exogenous factor cannot be ignored anywhere you invest in markets. any off shar manager i know is taking a view. investors have to be mindful of that. and the danger of that exploding is going to lead to higher levels of intramonth volatility and markets. investors have to be more tactical, preserve dry powder. >> i think you bring up some really good points. the e-mail address is on screen. write in if you've got more questions or more comments, nicole. >> lisa, take a look at this. do you ever think that the bread and the sandwiches is kind of like crust of a pizza, i.e., the bit you like the least? kfc might have the remedy for you with its new chicken stand
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witch. we'll have more after the break. ♪ at the end of the day in sitka, alaska, everyone awaits the return of the fishing boats. ♪ their safe arrival is highly anticipated, ♪ as is something else. a shipment of natural sea salt from cargill, essential for preserving the catch. we deliver the salt on precise schedules... and ship it efficiently all along the alaskan coast; saving the fishermen money, and their catch. this is how cargill works with customers.
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welcome back to cnbc's "worldwide exchange." it's great to have you with us today. why don't we jump up to tokyo and check in on the trading day
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there with nozomu kitadai from the nikkei. hi there. >> hi, lisa. tokyo stocks ended a three-day winning streak as investors were prompted to unload exporters. the nikkei 225 closed at its highest level since october 1st, 2008. shippers took a dive on profit taking. the u.s. government's plan to impose a $16 million fine on toyota motor pushed its shares down 1%. meanwhile, nissan motor shares continued their ascent after the nikkei reported the automaker and its french parrot, renault, agreed to capital and business tie-up wes daimler. nissan and daimler will enter a similar cross share holding arrangement. the trio plan to cut costs by sharing parts and platforms
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while cooperating in the development of environmental technologies. in other news, sales of imported cars here fell 7.8% on the year to 183,677 units in fiscal 2009. the figure by the japan automobile import ners association marked the lowest level in 21 years. that was the nikkei business report. back to you, lisa. >> thank you so much, kitadai-san joining us live from tokyo. nicole. >> and most americans still believe that owning a home is important and preferable to renting, but a new poll by fannie mae finds many are skeptical that home prices will rebound soon. about 70% now say real estate is a safe investment versus 83% in 2003. more than half blame homeowners and not lenders for taking out loans they simply couldn't afford. a third say they're concerned about being able to pay all their debts, a quarter list,
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numbers like car loans, electric bills, big priorities over paying their mortgages. microsoft plans to unveil a new line of mobile phones next week. the devices are part of a long awaited project, aimed at heavy users of social networking sites. microsoft will closely work with wireless carriers to market these phones instead of google's approach with its nexus which sold directly to consumers on its website. look, if you are the type of person who thinks chewing between two pieces of bread to get to the contents of a sandwich is a chore, kfc has the solution to you. they will roll out a bunless economicen stand witch in the next week. two chicken if a lays as the bun, squeezes in some bacon and
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cheese and sauce in between. kfc is targeting guys ages 18 to 24 who want some meteor. the double down has 540 calories, but health experts call it a health bomb, 60% of your recommended sodium intake. a very good morning breakfast for you. >> this is crazy. they're going to wrong way with regards to where health should be, i think. but i'm probably just the loan one out there. leaving chicken aside for a moment, goebl, goebl, we need to show you that gordon brown is currently stepping out. he has stepped out of number 10 downing street where he, of course -- here he comes, actually. here he comes. gordon brown, coming. >> it's probably the least well
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kept secret of recent years, but the queen has kindly agreed to the dissolution of parliament and a general election will taipgs to may the 6th. i come from an ordinary middle class family in an ordinary town and i know where i come from and i will never forget the value of doing the right thing, doing your duty, taking responsibility, working hard that my parents instilled in me. and all of these last few months, this government at every time has fought hard, facing the biggest world recession to fight on behalf of hard working families of middle and moderate incomes. over the next few weeks -- >> so as aechted, the uk prime minister gordon brown announcing the general election date for the uk will be on may 6th, so we
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have exactly one month before that takes place. gordon brown will, of course, be up against the conservative party leader, david cameron, who currently holds the lead in the polls, a small lead, but he holds the lead. when you look at the latest cnbc poll that we've conducted with regards to what business wants, business clearly is, as of now, backing a conservative lead, as well, a conservative win. but we have a month to go, and apparently both sides of the uk political story, they are flying in obama campaigners, as well, in order to try and help them win this election. it will be the heftiest election fight that we've seen since later came to parliament 13 years ago. this comes on a day in the uk about over 150,000 pounds will be taxed at a 50% tax rate.
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so the question is, what happens, regardless of which party comes into power. we will be talking a lot more about this throughout the day about the election prospects. after this program, of course, we are going to be crossing over to the u.s. because u.s. "squawk box" follows "worldwide exchange" for viewers in asia, europe and the united states. michelle crusoe cabrera can tell us what to anticipate. hi, michelle. >> hello, louisa. we are going to stay on top of the situation in the ooushg, as well, on this historic day as we see the changes happening around the world. we're going to focus on the march to dow 11,000 in the u.s. and our market watchers will teflts, what could maybe push our way over the top. jeffrey lacker will be speaking
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to our steve liesman. the 10-yeefr yield crosses 4% for the first time in a long time yesterday. there's a new book out exposing the reckless speculation and the failures in the financial industry. the title is the end of wall street. the author is "new york times" magazine contributor roger lowenstein. he's going to join us on the set. we're going to get the pulse of commercial real estate in the new york city area with william mac and then our guest host today is leon cooperman. "squawk box" starts at the top of the hour, louisa. >> thank you for that, michelle. incidentally, your name can be used in our tortoise rally name game, as well. michelle. we've been trying to picture a very slow turtle walking. >> a really skinny one, right? >> a beautiful, beautiful -- >> the youngest, skinniest, the
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cutest? >> yes, yes. >> the best tortoise for commercial -- last week we asked you to name or tortoise. some ideas for you, sir walter rally. tortoise road kill. slo-lo. we love your suggestions. keep them coming. coming up next, we'll take a closer look at the day ahead of trading. what is going to move the markets, the fed minutes or are investors silently clearing for that tortoise rally.
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let's bring back in jerry who has been with us for the last hour. after you were talking about being bullish, john says schwarzenegger just announced that california has a $1 trillion pension shortfall. do you think that is bullish?
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should we be rightfully so concerned about our own fiscal house in the united states? >> as i said, i think fiscal issues will be with us for the a long time, and that will be a governor, to some extent, on growth. wove seen economic employment, more jobs mean more income, more production. it doesn't mean that the road isn't going to be without bumps, but i think things are improving for the economy. >> it's a bumpy road in front of us. jerry, thanks for helping us travel down that road. we appreciate your time. that's going to do it for "worldwide exchange." i'm nicole lapin in the united states. >> i'm louisa bojesen in europe. >> i'm lisa oake in asia. thanks for watching "worldwide exchange."
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good morning. deadly mrafts, an explosion killing 25 workers in a west virginia mine. four others are missing. >> the drive to dow, 11,000. and national champs, if you went to sleep early last night, you missed quite a game. duke beating butler, 61-59 to win the university's first men's basketball championship since 2001 as "squawk box" begins right now. good morning and welcome to "worldwide exchange." i'm michelle crusoe cabrera.
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becky and joe are off today. an explosion ripping through a west virginia mine owned by massey energy. the death toll stands at 25. four miners are still unaccounted for deep underground. massey is the largest coal producer in central appear labor ya. $54.01 a share. we're going to keep you up to date on the situation as we move through the show here. >> the initial explosion was yesterday afternoon. they worked through the night. they thought they might have more survivors, but late in the evening, they confirmed that 25 were dead. and it coincides with the rescue of those 100 plus miners in china who were underground for more than a week.
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>> we'll talk about that a lot more during the course of the show. got some economic stuff this morning, as well. the fed will release minutes. the fomc kept rates steady. they offered that more upbeat assessment of the economy. there was one dissension. we thought there might have been two, but it turned out to only be one. investor s will look for clues n when the federal reserve might increase rates. we're going to bring you an exclusive conversation with jeffrey lacker. speaking of a hawk and -- >> maybe he will let us in. do you think there is a dissenter if there is one some of. >> historically he has been one. >> more worried about deflation than inflation. >> do you think people take what he says as the view of the fed or

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